p-pe-per-PERDISCO :( (2 Viewers)

[pencilcase]

made payment of $777 to integer energy for 3 months fo electricity up to and including 31 may,cheque #854
balance in electricity payable acc=$827
balance in electricity expense acc=777

i would have thought it's not an expense since it's been used but what do i do about the electricity payable??

 

[seremify007]

made payment of $777 to integer energy for 3 months fo electricity up to and including 31 may,cheque #854
balance in electricity payable acc=$827
balance in electricity expense acc=777

i would have thought it's not an expense since it's been used but what do i do about the electricity payable??

Not too sure what exactly you've done or your question but keep in mind the payable arises as you incur the expense even if you don't pay it. e.g. at the period end, before you have received an invoice, you could accrue for the expense by Dr Electricity Expense, Cr Expense Payable.

 

[pencilcase]

Not too sure what exactly you've done or your question but keep in mind the payable arises as you incur the expense even if you don't pay it. e.g. at the period end, before you have received an invoice, you could accrue for the expense by Dr Electricity Expense, Cr Expense Payable.

fuaarrr,you told me too slow screwed up that round 96/136

am now on 392/472

hopefully i can make up myself in later rounds

 

[sweetkiki]

hey im stuck on the first page as i reckon all the transactions (7) impacted the control account Cash at Bank but there are only 3 slots in front of me so I can't record all 7 answers. Help! Is there a chance some cheques that weren't processed through the bank this week are only recorded next week instead?? Some of the transactions are a customer paid accounts receivable, purchase of office supplies, wages expense, and giving two cheques out to pay for prepaid rent and something else. Thanks in advance!

 

[farnsworth]

after getting a hang of it - i kinda enjoy it...

Perdisco was easy , but it took far too long.

I only ended up losing like 10 points altogether. So I got something like 1040/1050. It's out of like 1000 points, so 10 points means literally nothing for final grade.

 

[Trans4M]

hey im stuck on the first page as i reckon all the transactions (7) impacted the control account Cash at Bank but there are only 3 slots in front of me so I can't record all 7 answers. Help! Is there a chance some cheques that weren't processed through the bank this week are only recorded next week instead?? Some of the transactions are a customer paid accounts receivable, purchase of office supplies, wages expense, and giving two cheques out to pay for prepaid rent and something else. Thanks in advance!

There are two cash journals, one is cash payment(cash outflow) and the other is cash receipt(cash inflow). You record it in those journals. You do not need to post to cash ldegers yet until enod month where you do it all in one go. E.g. Dr Cash Cr CRJ, Dr CPJ Cr Cash. Well at least for the firm's policy I had for last year's perdisco

 

[Omnipotence]

Are you majoring in ACCT?

 

[Trans4M]

Who me? Nah I think I am doing a FINS major, ACCT got boring for me and apparently it gets worse...

 

[Shadowdude]

FINS major? Good luck. It gets worse.

 

[Trans4M]

I prefer fins cause it's more quantitative. Acct has qualitative elements that involves BSing the whole time.

 

[HyperComplexxx]

i hate perdisco

 

[HyperComplexxx]

lol at perdisco, Wk1 lost 6 marks Wk 2 lost 0 marks Wk 3 lost 66 marks LOOOOOOOOOL

 

[kaz1]

i hate perdisco

who on earth would like it, so much boring work and effort for 10%

 

[HyperComplexxx]

did i dun goof'd ?
I got 895/1050 for perd!cko

 

[4025808]

at 75% avg atm, slowly getting it back to 80%... grrr

 

[halapenyo]

fuck i havent even started yet. this is going to be a painful weekend for me.

 

[Shadowdude]

I got around 80 in the end. But meh.

 

[stephenmuscat12]

Does anyone know how to record this transaction for week 4

Returned 5 faulty MePod Multimedia Players, originally purchased for $1,024 each, to Moon Megasystems. Received a Credit Note for $5,120

 

[seremify007]

Does anyone know how to record this transaction for week 4

Returned 5 faulty MePod Multimedia Players, originally purchased for $1,024 each, to Moon Megasystems. Received a Credit Note for $5,120

If they were items you bought to later sell (i.e. inventory) then wouldn't it be Cr to Inventory (to reduce it by the $5,120) and Dr Credit Note Asset (or Cash and Cash Equivalents)?

 

[tambam]

Does anyone know how to record this transaction for week 4

Returned 5 faulty MePod Multimedia Players, originally purchased for $1,024 each, to Moon Megasystems. Received a Credit Note for $5,120

1. General Journal: DR APC Moon Megasystems, CR Inventory (5120)
2. Subsidiary Ledger- APC Moon Megasystems: DR 5120
3. Inventory Journal: Record it in the Purchases ledger, but you put '-5' under units and '-5120' under total cost.